Nevada continues to add jobs in May, unemployment holds steady at 4 percent

CARSON CITY — May employment in Nevada increased by 5,900 jobs over the month and is up 55,200 over the year while the state’s unemployment rate at 4 percent, remained unchanged from April, and is down 0.6 percentage point compared to May 2018, according to figures released Wednesday by the state's Department of Employment, Training and Rehabilitation.

“The positive numbers from May’s labor market report are encouraging. Nevada continues to see positive job growth while maintaining the lowest unemployment rate we’ve seen since April of 2006. I’m pleased to see that our private sector is the fastest growing in the nation and that our average weekly wages have increased over the year,” Gov. Steve Sisolak said in a news release.

“The number of small business employees in the state also marked a new record high in the fourth quarter of 2018 at 657,000. While growth in several economic measures continue to expand, we must continue to improve our efforts to ensure all Nevadans are benefitting from the positive conditions of our current labor market,” the governor said.

DETR’s report also notes that initial claims for unemployment insurance benefits totaled 9,432 this month, down 3.6 percent or 357 claims over the year.

“Nevada’s private sector employment growth has ranked in the top five in the nation since 2014 and currently stands as the fastest. Strong employment growth continues this month with over the year job growth in the state realizing the second highest nominal gain seen in nearly 13 years. Average weekly wages are up and the majority of employment remains in full-time positions.

Also, the unemployment rate remained unchanged from last month and initial claims for unemployment insurance decreased, keeping both measures in the low end of their ranges, historically speaking. Overall, the employment picture around the state continues to expand and reflect a tight labor market.” said David Schmidt, Chief Economist for DETR.

Additional May Report Highlights:

— Total employment rose by four percent over the year, more than double the current U.S. growth rate (1.6 percent). The over the year gain in jobs (plus-55,200) this month was the second largest gain seen since July of 2006.

— Professional and business services have added the most jobs out of all sectors using a 12-month moving average through May over the same year time last year, up 15,200 jobs.

— In May, industries in the state that lost the most jobs over the year (non-seasonally adjusted) are taxi and limousine service, casino hotels, and state government educational services which declined by 1,300, 800, and 700 jobs, respectively.

— The largest contributor to gross domestic product growth in Nevada was manufacturing totaling 19.1 percent, the highest in the nation.

— Data through the fourth quarter of 2018 shows Nevada has the fastest growing private sector in the United States ahead of Idaho, Utah, and South Carolina.

— Weekly wages in Nevada averaged $1006 during the fourth quarter of 2018. This compares to $955 during the same period last year, an increase of $51 or 5.3 percent, year-over-year.

— As of fourth quarter of 2018, employment in Nevada’s small business, firms with less than 100 employees, totaled roughly 657,000, a new record high.

— Nevada’s employment is primarily concentrated in full-time positions. In May, full-time workers represent 78.1 percent of total employment, compared to 78.8 percent last year.

— The May 2019 unemployment rate for the 16-24-year age group in Nevada was 8.8 percent increasing by 2.6 percent over the year, and was the only group examined to have an over the year increase.

— This month, the gap between Nevada’s unemployment rate and the nation’s held steady from last month at 0.4 percentage point.

— Year-to-date through May, 150,936 ads have been posted for jobs in Nevada, an increase of 45,662 (43.4 percent) from the same period last year.